(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Oct. 12, 2021 (GLOBE NEWSWIRE) -- The "EV Charging Station Raw Materials Market by Material Type, Application, and Charging Type - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The EV Charging Station Raw Materials Market is expected to reach $4.91 billion by 2028, at a CAGR of 34.1% during the forecast period, 2021-2028.
By volume, this market is expected to grow at a CAGR of 45.0% from 2021 to reach 665,984.3 metric tonnes by 2028.
The growth of this market is mainly attributed to factors such as supportive government policies for EV charging stations, increasing adoption of EVs, and increasing initiatives by private companies for deploying EV charging infrastructure. The increasing adoption of electric mobility in emerging economies provides significant growth opportunities for market players.
The EV charging station raw materials market is mainly segmented into metals and alloys and polymers based on material type. The polymers segment is expected to grow at the highest CAGR by value during the forecast period. Major factors attributed to this segment's high growth are excellent heat resistance, weather resistance, strength, and lightweight of polymers; ability to be easily molded into any shape and size; and high aesthetic qualities, which enables charging stations to be branded in any color as per the network operators' requirements.
Based on application, the EV charging station raw materials market is segmented into cord, connector gun, enclosure, charger plug holster, nylon glands/lock nut, electric circuit breaker, energy meter and timers, internal wiring, flexible conduit, thermal switch, cable hanger, displays, and other applications.
The connector gun segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to increasing demand for DC fast-charging stations in European countries and the U.S., increasing adoption of electric mobility in emerging economies, increasing initiatives by governments in countries such as India, Thailand, Singapore, and other Southeast Asian countries for rapid deployment of EV charging infrastructure and develop an EV ecosystem for manufacturing of EVSE components.
Based on charging type, the EV charging station raw materials market is segmented into level 1, level 2, and DC fast charging. The DC fast charging segment is expected to grow at the highest CAGR during the forecast period.
The rapid growth of this segment is mainly attributed to growing government initiatives for installing fast-charging stations, rebate on the purchase of DC fast-charging stations, increasing investments from automakers towards the development of DC fast-charging station infrastructure to support their long-range battery-electric vehicle, and ability of DC fast chargers to provide faster charging as compared to Level 1 & Level 2 charging stations.
The Asia-Pacific is expected to witness the fastest growth during the forecast period.
The factors attributed to the high growth of this region are high adoption of EVs and associated infrastructure to meet the climate change commitments, reduce air pollution, and increase energy security; increasing opportunity for economies with less developed automotive manufacturing capabilities to catch up with, or even advance, industry players in more established automotive manufacturing hubs; and ongoing investments by various countries for robust charging infrastructure used in shopping malls, public buildings, and parking facilities.
- Supportive Government Policies for EV Charging Stations
- Increasing Adoption of EVs
- Increasing Initiatives by Private Companies for Deploying EV Charging Infrastructure
- Potential Shortfall in Mining Capabilities
- Environmental Effects of Mining in Ecologically Sensitive Regions
- Increasing Adoption of Electric Mobility in Emerging Economies
- Highly Vulnerable Supply Chain
The key players operating in the EV charging station raw materials market are
- Covestro AG
- DuPont De Nemours, Inc.
- BASF SE
- Ryerson Holding Corporation
- DOMO Chemicals
- Thyssenkrupp AG
- Evonik Industries AG
- Trinseo S.A.
- Celanese Corporation
- LANXESS AG
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Tags Charging Station DC Fast Charger DC Fast Charging Electric and Hybrid Vehicles Electric Vehicle EV EV Charging EVSE
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